LiquidationProvisional liquidationUnable to pay debtsCompanies Act
Tags
Company liquidationInsolvencyDebt recovery
legislation
Statutes Cited
Companies Act [Cap 24:03]
Companies Act [Cap 24:03]
Companies Act [Cap 24:03]
ai analysis
Case Summary
Key Issues
{"issue_text":"Whether the respondent company is unable to pay its debts and should be wound up","issue_type":"mixed","dispositive":"yes","related_facts":"Unpaid debt since January 2012, failed execution attempts, unsubstantiated claims of financial recovery"}
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background
Facts of the Case
Background
The applicant, a creditor owed US$935,796.33 by the respondent, applied for the respondent's liquidation. Despite a consent judgment from 12 January 2012, the respondent failed to pay. The respondent opposed liquidation claiming it had applied for a US$12 million loan and was owed over US$1 million by debtors, but provided no documentary evidence.
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